Deals
JPMorgan to Sell Stake in Saudi Arabian Bank for $203 Million
- U.S. lender will sell Saudi bank stake at 24 percent discount
- Saudi Investment Bank is ninth largest bank in kingdom
The offices of the Saudi Investment Bank stand in Riyadh.
Photographer: Waseem Obaidi/Bloomberg
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JPMorgan Chase & Co. plans to sell its stake in Saudi Investment Bank back to the Riyadh-based lender at a 24 percent discount as it exits non-core holdings globally.
Saudi Investment Bank signed an agreement to buy the 7.5 percent stake, which JPMorgan held for more than 40 years, for $203 million, according to a statement on Sunday. The Saudi bank will pay 13.5 riyals a share and will hold the stock as treasury stock that’ll be reissued as preferential shares at a later date.